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. Last Updated: 07/27/2016

Stock Prices Continue Slide, Weighed Down by Bombing




Shares closed lower yet again Thursday weighed down by a new bomb attack, and traders said prices were set to fall even further.


The benchmark RTS1-Interfax share index was down 5.65 percent at 87.53 on low volume of just $5.9 million. The broader Reuters Russian composite slipped 6.82 percent to 372.61.


The dollar-denominated Moscow Times Index of 50 leading shares fell 7.2 percent to 64.28 on turnover of $7.46 million.


"There's no reason, of course, to expect a turnaround in the market right now," Alexander Fonarkov, a trader at Regent European Securities, said.


Eduard Lebedev, a trader at LUKoil-Reserve-Invest, also forecast that the losses would continue in the short term.


"The negative mood will remain on the market in any event at least through all of the next week," he said.


The downward trend, which the market has followed for much of late summer, accelerated recently on concerns about a string of bomb attacks and fighting between federal troops and Islamic rebels in Dagestan.


The latest blast outside an apartment block in the southern town of Volgodonsk killed at least 17 people and followed three other bomb attacks in the last two weeks that have killed more than 250 people.